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TODAY'S NEWS

today’s news for Tuesday, August 4, 2020

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NEWS FROM NASFAA

About half a dozen states have released detailed reports on how they plan to prioritize a subset of funding provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, aimed at giving governors increased flexibility in allocating aid for state-based education programs. The funding for those plans was provided by the Governor’s Emergency Education Relief (GEER) Fund, which received $3 billion from the total $30 billion for education programs under the CARES Act. It specifically called for governors to submit plans for how they would aid K-12 schools and institutions of higher education that are “most significantly” impacted by the ongoing coronavirus pandemic.

On Monday the Department of Education (ED) announced the availability of its Fiscal Operations Report for 2019–20 and Application to Participate for 2021–22 (FISAP) on the Common Origination and Disbursement (COD) website. According to ED, schools that had campus-based expenditures for the 2019–20 award year and schools that wish to request funding under the Campus-Based programs for the 2021–22 award year, will be required to electronically submit a FISAP via the COD website. The deadline for the electronic submission of the FISAP has been extended to 11:59 p.m. ET Nov. 2, 2020 with all transmissions needing to be completed by midnight.

NASFAA UPDATES AND ANNOUNCEMENTS

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Tending to mental health is of the utmost importance for those on college campuses today — not just for the student body, but for staff, as well — as it can have far-reaching effects on our emotional, psychological, and social well-being. NASFAA members can attest to the fact that financial aid is a high-stress profession, but some may lack emotional support or have additional external stressors that foster an environment for less-than-ideal mental and emotional wellness. Join us tomorrow, August 5, at 1:00 p.m. ET, for NASFAA’s pop-up webinar where presenters Dr. Mike Ronsisvalle and Alana Sadhu, both of the Florida Counseling Centers' LiveWell Coaching program, will provide evidence-based solutions you can use to reduce your stress level. This webinar is free to NASFAA members, but you must register in advance.

AskRegs

This AskRegs Knowledgebase Q&A has been updated to note that the IRS website is once again accepting requests for Tax Return Transcripts and Tax Account Transcripts by mail. They are also being accepted by phone. Though we have not mailed an IRS Form 4506-T request to confirm this, it looks as if those may be accepted as well. View the full answer to this question to learn more and search for answers to your other pressing regulatory and compliance questions, in NASFAA's AskRegs Knowledgebase.

Blue Icon

As a new director dealing with COVID-19, you may feel like you’re on an island with nowhere to turn. One new financial aid director signed up for New Director Group Coaching with Blue Icon Advisors because she "wanted a broader base." Our online group coaching sessions bring together new directors from various regions and school types. As another participant explained, "It was helpful hearing each other talk. We shared the same struggles." Register by September 18 for our next new director group coaching session beginning September 21.

AskRegs

According to guidance NASFAA has received from the U.S. Department of Education (ED), in the situation where a school's cost of attendance (COA) increases after the student has been packaged (such as a mid-year tuition or fee increase), an institution may, but is not required to, update the COA and repackage students. View the full answer to this question to learn more and search for answers to your other pressing regulatory and compliance questions, in NASFAA's AskRegs Knowledgebase.

AskRegs

Yes. According to the July 10, 2020 Electronic Announcement, "The Department is extending the deadline for submission of the 2021-2022 FISAP until November 2, 2020. The December 15, 2020 deadline for submission of FISAP edit corrections and the Perkins Cash on Hand Update remains unchanged." View the full answer to this question to learn more and search for answers to your other pressing regulatory and compliance questions, in NASFAA's AskRegs Knowledgebase.

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